Today’s Top News & Analysis
Egypt expects a larger financing package from the IMF
FRA adds regulations to tone down market risks
A marginal increase in Net Foreign Reserves in November
ABUK's BoD decides on keeping AlexFert's land plot rented
Sidpec BoD approves 2024 Capital Budget
MACRO
Egypt expects a larger financing package from the IMF
Reports said that the International Monetary Fund (IMF) may increase Egypt's USD3bn loan program, it has been reported that Egypt is negotiating a USD2bn increase, yet it is still under discussion. Egypt and the IMF are in talks now to hold a set of policies that may support the completion of both the first and second reviews under the extended fund facility by the IMF. (Asharq Business)
FRA adds regulations to tone down market risks
The Financial Regulatory Authority (FRA) introduced a number of regulations to limit market risk, the regulations are as follows:
· High and medium-risk clients' information should be updated every two years, and low-risk clients should be updated every five years.
· Companies should have EGP15mn in capital vs. EGP5mn previously.
· Margin trading should be only 10% for individual clients while 15% for a client together with the associated group.
· Exclude leasing contracts long-term obligations to be classified annually according to the value due and not the total cost.
· Ease the coding procedures for foreign funds. (FRA)
A marginal increase in Net Foreign Reserves in November
Egypt's Net Foreign Reserves (NIR) increased to only USD35.17bn in November 2023 from USD35.10bn in October. (CBE)
CORPORATE
ABUK's BoD decides on keeping AlexFert's land plot rented
At a meeting held on 6 December 2023, the BoD of Abu Qir Ferilizers [ABUK] decided on keeping the ownership of the land plot on which Alexandria Fertilizers Company (AlexFert) is located, and continue renting the plot to the latter instead of swapping the value of the land plot with an in-kind stake in the capital of AlexFert. (Company disclosure)
Sidpec BoD approves 2024 Capital Budget
Sidi Kerir Petrochemicals (Sidpec) [SKPC] BoD approved 2024 capital budget. SKPC budgeted investments next year amount to EGP2.8bn, distributed over:
(1) EGP59mn for projects.
(2) EGP2.1bn for Investments in affiliated companies.
(3) EGP625mn in replacements and renewing. (Company disclosure)
MARKETS PERFORMANCE
Key Dates
11-Dec-23
LCSW: OGM / Considering the distribution of treasury shares.
12-Dec-23
ARCC: OGM / Discussing dividends distribution.
13-Dec-23
EFIH: EGM / Amending some articles of the Company's bylaws.
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
18-Dec-23
CSAG: Cash dividend / Deadline for eligibility for a dividend of EGP1.39/Share.
19-Dec-23
CIRA: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
20-Dec-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.50/share (2nd installment).
21-Dec-23
CSAG: Cash dividend / Payment date for a dividend of EGP1.39/share.
EAST: OGM / A board reconstitution.
EAST: EGM / Amending Articles No. 7 & 21 of the company's bylaws.
MPC Meeting / Determining the CBE's policy rate.
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).